BitcoinLong
BTCUSD
BIAS - Short term Bullish / Long term Bearish
Bitcoin had completed a 3 wave pattern since May 19th and began to trade in a sideways channel on the daily. According to Elliott Wave Rules, a steep wave 2 will lead to a sideways wave 4. It is reasonable to expect that wave 4 would have a completion to the upside as it is also a corrective wave or pullback into the previous trend. In this case, a pullback into the bearish trend. I have charted some Fibonacci Projections based on the principles of Elliot Wave Theory for your consideration, along with some Time Projections for the completion of Wave 4.
Bitcoin had completed a 3 wave pattern since May 19th and began to trade in a sideways channel on the daily. According to Elliott Wave Rules, a steep wave 2 will lead to a sideways wave 4. It is reasonable to expect that wave 4 would have a completion to the upside as it is also a corrective wave or pullback into the previous trend. In this case, a pullback into the bearish trend. I have charted some Fibonacci Projections based on the principles of Elliot Wave Theory for your consideration, along with some Time Projections for the completion of Wave 4.
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